HanbitSoft plans ICO of its own bryllite coin in Hong Kong

HanbitSoft plans ICO of its own bryllite coin in Hong Kong

HanbitSoft Inc., a South Korean publisher and developer of online games, will seek an initial coin offering (ICO) of its native cryptocurrency Bryllite Coin (BRC) in Hong Kong in what would be the first Asian listed company’s ICO in the global market, the company said on Wednesday.

It said it aims to launch the ICO of BRC in Hong Kong soon to kick off its blockchain platform business and sell its digital tokens to the public early next month after private presale following the ICO.

According to the company, BRC is a cryptocurrency backed by the Bryllite platform - a blockchain platform that allows secure storage and transactions of game assets without intermediaries. With the Bryllite platform, gamers can store their game assets - all content, account, personal information, username, item, character level, cyber cash and membership services - in an external database which is blockchain, not a game developer’s database. Game users can also freely exchange their game assets with peer game plyers.

Gamers can use BRC as cash when purchasing charged game services and as a payment method for asset transactions with other gamers. They will also be able to sell the digital tokens to an exchange to take profits.

HanbitSoft is hoping that the upcoming ICO will allow it to introduce its blockchain platform to its partnering companies and 700 million users of its popular game Audition not only at home but also in overseas markets including China, Southeast Asia, North America, and Europe.

An unnamed official from HanbitSoft said the ICO of its BRC in Hong Kong is significant in that it is the first overseas ICO by a listed company in Asia, and it will bring blockchain innovation in the game industry.

HanbitSoft’s announcement has come a day after Korea’s largest social media network company Kakao Corp. revealed its plan to set up a subsidiary that will provide blockchain-based services. Kakao’s move has stoked market speculation that its new blockchain subsidiary may seek to raise funds through an ICO following suit of Berlin-based messaging app provider Telegram that has recently raised $850 million in the first round of its ICO in the U.S.

Another Korean internet giant Naver announced in January it has launched LINE Financial that is expected to run a cryptocurrency exchange and provide blockchain-based financial services in Japan.

Shares of HanbitSoft ended at 4,845 won ($4.6) on Wednesday, down 5.92 percent or 305 won from the previous session.